Szarvadi wants to buy Domo back

Businessman Lorand Szarvadi, who sold the majority stake in electronics and home appliances retailer Domo during full consumption boom for 62.5 million euros, is now seeking to regain control of the company.

Szarvadi, 43, has thus made an offer to the majority shareholder, investment fund Trans Balkan Investments, to take over a 61.8% stake in TechnomarketDomo. The value of the offer has not been revealed, but the company's market value is likely to be lower than in 2007.

This is the first move of its kind by a Romanian entrepreneur, who, after relinquishing control of the company, seeks to become majority shareholder again. Szarvadi, who has continued as CEO of Domo, told Mediafax he had made an acquisition offer together with founder of Bulgarian company Technomarket, Nikolai Kitov, and a prospective acquisition could also take place "with the help of other investors". Domo saw the lowest sales decline on the home appliances market, to 170 million euros, with an over 130-store chain.